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"If you're going to panic, do it fast and beat the crowd." ~ Jesse Livermore

Saturday, October 8, 2011

Allow Greece To Default, Says UBS' Magnus

Allow Greece To Default, Says UBS' Magnus
Wall Street Journal
By Eva Szalay Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Greece needs to default, European banks have to be protected and the European Central Bank needs to purchase unlimited amounts of Spanish and Italian government bonds to solve the European debt ...

Financial Crisis Timeline: Collapse and Bailout
Fox Business
8, 2008, the US Treasury seized control of mortgage giants Fannie Mae and Freddie Mac and pledged a $200 billion cash injection to help the companies cope with mortgage default losses. About a week later the government bailed out American International ...

Fitch Cuts Spain, Italy on Contagion Concern; Outlooks Negative
San Francisco Chronicle
Spain had its foreign and local currency long-term issuer default ratings cut to AA- from AA+, while Italy had the same set of ratings to A+ from AA-, the company said in statements today. The outlook for both countries is negative. ...

Greece Finds Itself in Default Mode
Wall Street Journal (blog)
By Costas Paris A slew of comments this week by the EU and the International Monetary Fund that private holders of Greek debt may need to fork out more money in Greece's yet-to-be-approved second bailout package is the clearest indication yet that the ...

Moody's: Corporate Default Rate Falls To 1.8% In 3Q
Wall Street Journal
The trailing 12-month global speculative-grade default rate declined in the third quarter from both the previous quarter and year, according to a recent report from Moody's Investors Service, which also warned its default forecasts have begun to ...

Corporate Bond Risk Rises in Europe, Credit-Default Swaps Show
BusinessWeek
Oct. 7 (Bloomberg) -- The cost of insuring against default on European corporate debt rose, reversing an earlier decline, according to traders of credit-default swaps. Contracts on the Markit iTraxx Crossover Index of 50 companies with mostly ...

Portuguese fearful, hoping to escape Greek contagion
Reuters
While many are fearful and pessimistic, there is also a growing resolve to avoid making the same mistakes as Athens and to shield Portugal from contagion. That could be crucial if, as many economists predict, Greece defaults on its debts. ...

Bright side of financial crisis is bargains in European stocks
New Zealand Herald
Some of the most distressed European markets have come close to retesting their lows from the 2008-09 credit crisis. Yet while investors pull money out of equities and run full-tilt away from risk, managers such as Marcus say the buying opportunities ...

Greenspan: Greece to Default in Dangerous Europe
NewsMax.com
"If they cannot address [the financial crisis] in a credible way I believe within perhaps 2 to 3 weeks we will have a meltdown in sovereign debt which will produce a meltdown across the European banking system," IMF adviser and Harvard economist Robert ...

German vice chancellor rules out Greece default
Xinhua
By Maria Spiliopoulou ATHENS, Oct. 7 (Xinhua) -- Default is out of the question for Greece, German Vice Chancellor and Economy Minister Philipp Roseler said on Friday during a visit to Athens. "Default is not on the table. The issue is the support of ...

EU ministers mull default survival plan
UPI.com
HELSINKI, Finland, Oct. 7 (UPI) -- EU members are considering a number of steps to prepare the bloc's economies and banks to survive a potential default, leaders said. Among other things, European Commissioner for Economic Affairs Olli Rehn said Friday ...

Bakrie Said to Default on $1.34 Billion Loan, Lenders Negotiate
BusinessWeek
Bakrie & Brothers, which signed the one-year loan this year with Credit Suisse Group AG and a group of as many as 12 investors, breached two conditions of the loan in the past few weeks, putting the facility into default, said the person who asked not ...

Greek Default and a World Without Big Banks
TheStreet.com
With it now being patently obvious to everyone that Greece's "debt crisis" must end in default (and that such default is imminent), this has now solely become an exercise in finding and extracting the best "opportunities" which present themselves. ...

Analysis: Dexia Bank's collapse and the European financial crisis
Business Intelligence Middle East (press release)
The Franco-Belgian bank Dexia started collapsing Ocober 4, ushering the latest chapter of the nearly 2-year-old European financial crisis. Considering that Dexia is on the list of the top 50 global financial institutions, it is worth examining what ...

Greek Debt Crisis Won't Be Over Soon
Moneyshow.com
For those hoping for Greece to default already, so the markets can take the hit and move on, MoneyShow's Jim Jubak has some sad news. I bet you were thinking—well, maybe hoping is a better word—that this whole Euro thing would be over, because Greece ...

We're Facing Worst Financial Crisis Ever – Bank Of England ...
By majestic
The Telegraph has the bad news: The world is facing the worst financial crisis since at least the 1930s “if not ever”, the Governor of the Bank of England said last night. Sir Mervyn King was speaking after the decision by the Bank's Monetary ...
Disinformation

“That contagion stuff is real” | Moynihan BofA « The Bankwatch
By Colin Henderson
Bank of America chief executive Brian Moynihan said he is confident the bank can withstand any fallout from the European sovereign debt crisis, even if it hurts the US, Bloomberg reports. “That contagion stuff is real,” Mr Moynihan said during ...
The Bankwatch

Eurozone Contagion Is Like An STD. Who Will Get Sick And With ...
By Courtney Comstock
Rumors about how the European Central Bank (ECB) will or won't resolve the Eurozone crisis — will they or won't they leverage the EFSF (the EFSF is like TARP for the Eurozone), will they let Greece default or not, just to name two of them ...
Business Insider

Greece: deflate or default » The Cobden Centre
By David Howden
The original worry was whether Greece would default. Then it became a question whether it should itdefault. Now it is a question of how it will default. To hazard a guess, I should think that after the wizards of Brussels determine how much of a ...
The Cobden Centre

World Facing Worst Financial Crisis In History, Bank Of England ...
By Danny
Sir Mervyn King was speaking after the decision by the Bank's Monetary Policy Committee to put £75billion of newly created money into the economy in a desperate effort to stave off a new credit crisis and a UK recession. Economists said the ...
Kevin Trudeau Show